CPO futures to trade range-bound with downward bias next week

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to remain range-bound with a downward bias next week as traders anticipate a weaker export phase in the coming weeks owing to recent high prices.

Palm oil trader David Ng said for the week just ended, the commodity’s price rallied above RM3,900, the highest in 13 years (since March 3, 2008), as the Malaysian Palm Oil Board (MPOB) reported lower-than-expected stock levels in the country.